Government cuts windfall tax on crude by 36 per cent

The government has cut the windfall tax on domestically produced crude by 36 per cent to Rs 4,100 per tonne effective Tuesday, with the fall in crude prices.

The levy on crude oil produced by companies such as Oil and Natural Gas Corporation would be impacted by the revision in the special additional excise duty.

The levy on crude was hiked to Rs 6,400 per tonne on April 19. Diesel, petrol and aviation turbine fuel (ATF) continue to remain exempted from the levy.